Press release
Smart Grid Security Market 2024 Growth Analysis with Top Leading Companies: BAE Systems, Cisco Systems, IBM, Siemens AG, Intel , Elster Solutions, Symantec, Leidos, IOA Active, Lockheed Martin, McAfee, Alien Vault, Black, Veatch, Entergy Services, Sophos,
Global Market Insights
Smart Grid Security Market will be driven by growing development and increasing occurrences of cyber-attacks. Increased cloud- and web-based applications in businesses are anticipated to further propel market growth.The frequency of usage of Advanced Metering Systems (AMI) is on the rise in recent years. The smart meters form an important constituent of the system. The installation of these and such smart grids are expected to positively impact the smart grid security market growth during the forecast period.
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Top Key Players: -
Some of the key players in the Smart Grid Security Market are cloud service providers, security service providers, national & state governments, utility companies, technology providers, enterprise users and IT service providers. BAE Systems PLC., Cisco Systems Inc., IBM Corporation, Siemens AG, Intel Corporation, Elster Solutions, Symantec Corporations, AlertEnterprises, N Dimension Solutions and Leidos are some of the players in the market. IOA Active Inc., Lockheed Martin Corp., McAfee, Alien Vault, Black & Veatch, Entergy Services, Sophos, Source Fire and ViaSat are some of the other leading providers of smart grid security.
Market share calculation in this report is not done based on companies covered in it. The calculation of Smart Grid Security Market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
Regional Segmentations: -
U.S. smart grid security market is expected to dominate the revenue owing to the early cyber security adoption and rapid technological advancements. The Asia Pacific region is forecast to grow at the highest CAGR, considering the rapidly emerging opportunities across power industries in this region. Growing need for data security, fragmentation and innovation in the field is predicted to provide huge impetus to the European smart grid security market. For instance, in Denmark, close data exchange between distribution system operators (DSO), transmission system operators (TSO), retailers and generators takes place via data hub. The TSO takes care of the data security and has been outsources to a third party.
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The smart grid security market also enable the constant controlling, monitoring and managing the consumer demands. Increase in usage of connected devices, technological advancements and increasing concerns for vulnerability & security are expected to boost the security systems demand.Increasing internet of things (IoT) penetration and in turn rising adoption of smart grids are anticipated to fuel the security systems demand during the forecast period. The long investment cycles in energy sector and heterogeneous guidelines pertaining to cyber security is anticipated to be the biggest challenge faced by smart grid security market.
The smart grid security market is segmented by managed and professional services, of which, professional services account for majority share. The lack of security experts in energy & utility companies and urgent need to address smart grid security threats is expected are fuel the demand for professional grid security providers. Based on the solutions provided by the smart grid security systems, these are segmented into firewall, antimalware & antivirus, encryption, identity & access management, distributed denial of service (DDoS), vulnerability & security management, intrusion detection system (IDS), intrusion protection system (IPS), fraud detection and data loss prevention (DLP).
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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